Investment Banking Analyst Salary 2026: London vs New York, Base and Bonus
What investment banking analysts are paid in New York and London in 2026: the base salaries banks now post, the bonus estimates, and how pay changes after year one.
The investment banking analyst salary in New York starts at a base of $110,000 at JPMorgan, the figure on five of the six New York analyst postings we checked in 2026. Mergers & Inquisitions puts New York analyst base pay at $100,000–$125,000 and total pay, including bonus, at $165,000–$225,000. London pay is lower and much less transparent: the same report estimates analyst base salaries of £70,000–£90,000 and total pay of £100,000–£150,000, while saying plainly that no one publishes solid London figures any more.
Below: what's confirmed, what's estimated, how the bonus works, and what to ask before you accept an offer in either city.
Key takeaways
- JPMorgan's 2026 New York analyst postings list a base salary of $110,000, in line with Mergers & Inquisitions' $100,000–$125,000 range.
- M&I puts New York analyst total pay at $165,000–$225,000; top-ranked first-years were paid about $180,000–$195,000.
- London pay isn't published: M&I estimates analyst base of £70,000–£90,000 and total pay of £100,000–£150,000, 15–30% below New York.
- Analyst bonuses are paid in cash, and your ranking within the class matters more than the bank's name.
- Johnson Associates expects 2026 M&A and equities bonuses to rise 10% to over 20%, after only about 5% growth for analysts last round.
Investment banking analyst salary 2026: London vs New York at a glance
| New York | London | |
|---|---|---|
| Analyst base salary | $110,000 on JPMorgan postings (one team at $115,000); $100,000–$125,000 across large banks | £70,000–£90,000 (estimate) |
| Analyst total pay (base plus bonus) | $165,000–$225,000 | £100,000–£150,000 (estimate) |
| Associate base salary | $175,000 on a JPMorgan posting; $175,000–$225,000 across large banks | £115,000–£135,000 (estimate) |
| How solid is the number? | Base pay is published in job adverts | No public pay ranges; recruiter and press estimates only |
Sources: JPMorgan job postings (New York, March–October 2026) and the Mergers & Inquisitions 2026 Investment Banker Salary and Bonus Report, updated July 2026. M&I's New York ranges are roughly the 25th to 75th percentile across large banks, pre-tax, excluding signing and stub bonuses.
Wall Street Oasis also publishes an investment banking compensation report, but its 2026 figures sit behind a paywall or a salary submission, so we haven't used them.
New York: base pay is published, the bonus isn't
Since 1 November 2022, the NYC Human Rights Law has required employers to include a good-faith pay range in job adverts. That has made New York base salaries close to public.
JPMorgan's New York investment banking analyst postings in 2026 list a base pay of $110,000. That figure appears on postings for the Financial Institutions Group, Corporate Advisory, Leveraged Finance, Liability Management and Family Coverage Group teams. Its Small-Cap Investment Banking analyst posting lists $115,000, and the matching associate posting lists $175,000.
Those numbers line up with M&I's estimate of $100,000–$125,000 for analysts. The postings don't say what the bonus will be, and that's where most of the spread in total pay comes from.
For top performers, the numbers are higher. Recruiter Harrison Rush told eFinancialCareers in February 2026 that total pay for top-ranked first-year analysts starts at $180,000. M&I found that elite boutiques such as Lazard, Evercore and Moelis paid top-ranked Year 1 analysts about the same as bulge-bracket banks, in the $180,000–$195,000 range.
London: why every number is an estimate
UK employers don't have to publish pay ranges, and the main banks don't. M&I's 2026 report says no one seems to publish solid compensation reports for London, and estimates a 15–30% discount to New York pay.
Its London estimates:
| Level | Base salary | Total pay |
|---|---|---|
| Analyst | £70,000 rising to £90,000 | £100,000–£150,000 |
| Associate | £115,000 rising to £135,000 | Bonus of 80–100% of base |
M&I converts the analyst range to roughly $135,000–$200,000, assuming an exchange rate of 1.35 dollars to the pound. On those estimates, a London analyst's total pay overlaps with the lower part of the New York range.
Treat these as a starting point for questions, not as a benchmark you can quote back to a recruiter as fact. The best London evidence you'll get is from analysts at the bank you're talking to.
How the investment banking bonus works
The bonus is where analyst pay is decided. From M&I's 2026 report:
- Analyst bonuses are paid 100% in cash. Deferral and stock start at associate level, typically 20–30% of the bonus.
- Timing follows your start date. Most analysts start in the middle of the calendar year after graduating, so M&I bases its analyst figures on mid-year payouts.
- Signing and relocation bonuses are small. M&I describes them as a small percentage of base salary for analysts and associates accepting full-time offers.
- Stub bonuses are for associates. MBA associates who start mid-year get a stub bonus for their first six months or so, which M&I puts at about $35,000–$50,000 depending on the region.
- Benefits differ by city. In the US that means health insurance and 401(k) or profit-sharing plans. In Europe, M&I says, benefits mostly take the form of more holiday, since healthcare is funded through taxes.
- Base salaries rarely move. M&I says most banks last adjusted analyst and associate base pay in 2022.
- Buckets matter. Some banks pay very different bonuses depending on whether you're ranked top, upper, middle or bottom.
That last point is why "average bonus" numbers can mislead. Two first-years at the same bank can be paid very differently.
What 2026 bonuses look like so far
Analyst pay rose only modestly in the last round. M&I estimates total pay for analysts and associates rose about 5% on end-of-2025 bonuses, even though investment banking fees rose 10–20% in most regions. Its explanation is that it's still an employers' market for junior bankers.
The wider industry picture is similar. eFinancialCareers' 2026 compensation survey of almost 3,000 finance professionals found the global average bonus rose 5.3% in the 2025 bonus round, to $119,000.
The outlook for this year's bonuses is stronger for advisory bankers. In May 2026, eFinancialCareers reported that consultancy Johnson Associates expects M&A and equities professionals in investment banks to see bonus increases of anywhere from 10% to over 20% on what was paid earlier in the year. Johnson Associates also points to lower headcount inside banks as a reason bonuses are rising: fewer people sharing a bigger pool. The contrast is private credit, where it forecasts average bonuses falling by between 2.5% and 7.5%, which is worth knowing if you're weighing a banking offer against a private credit one.
Year 2, year 3 and the step to associate
Analyst pay rises with each year, mostly through the bonus. M&I estimates the top of the analyst range at $225,000, with some top-ranked Year 2 analysts at elite boutiques earning above it, for example around $250,000. Year 3 analysts are now rare because most banks promote after two years, but M&I puts their total pay at $200,000–$270,000.
The bigger jump comes with promotion. M&I's New York ranges for 2026, pre-tax, roughly the 25th to 75th percentile across large banks:
| Title | Base salary | Total pay | Typical time to promotion |
|---|---|---|---|
| Analyst | $100,000–$125,000 | $165,000–$225,000 | 2–3 years |
| Associate | $175,000–$225,000 | $285,000–$500,000 | 3–4 years |
| Vice president | $250,000–$300,000 | $525,000–$800,000 | 3–4 years |
| Director / SVP | $300,000–$350,000 | $700,000–$900,000 | 2–3 years |
| Managing director | $400,000–$600,000 | $1 million–$2 million+ | – |
Associate bonuses are normally 60–70% of base salary in the first year, rising to about 100% or more at many banks by Year 3, according to M&I.
Elite boutiques vs bulge brackets
Elite boutiques have a reputation for paying more, and M&I's data supports it, but mostly above analyst level. It reports that Perella Weinberg Partners and Centerview are known for paying associates $50,000 to $100,000 or more above its ranges, and that unlike the bulge brackets they pay those bonuses in cash.
At analyst level the difference is small. That's why the bank's name alone tells you little about your first-year pay. M&I also found that bonuses don't track a bank's reputation closely: it reports Bank of America paid some Year 3 associates bonuses of $110,000–$150,000, while most other banks paid $200,000–$300,000 or more, and that Santander paid well for New York roles.
For an analyst, the practical takeaway is that the group, the deal flow and your ranking matter more than the logo. Our finance CV achievements examples show how to describe deal work so it reads well to any of them.
What to ask about an investment banking offer
Banks rarely move an analyst's base salary, so the useful questions are about the rest of the offer:
- What's the base salary, and when was it last reviewed?
- When is the first bonus paid, and does the first one cover a partial year?
- Is there a signing bonus, and does it have to be repaid if you leave early?
- How are analysts ranked for bonus purposes?
- When does promotion to associate usually happen? M&I puts the typical timeframe at two to three years.
- For London offers: what does the bank contribute to your pension, and how much holiday do analysts actually take?
Ask these after you have the offer, not in the interview. Before then, the job is getting through the process. Our STAR interview examples for finance show how to build the fit answers, and how many applications a finance job takes sets expectations for the process.
London or New York: which pays more?
New York, on every source we found. M&I estimates London pay runs 15–30% below New York, and its London analyst total-pay range of roughly $135,000–$200,000 sits below its New York range of $165,000–$225,000. Exchange rates move, so the dollar comparison shifts from year to year. The same London-versus-New-York gap shows up at entry level outside banking, as our comparison of Big Four graduate offers in London, Dublin and New York shows.
Pay isn't the only difference. Tax, rent and visa rules differ, and those aren't covered by any of the sources here. If you're choosing, ask analysts in both offices what they take home after tax and housing, and compare that.
The core point: New York base pay is now public and sits at about $110,000, but the bonus decides your year, and in London both numbers are estimates. If you're still applying, the first step is a CV that gets you to the interview. Get the one-page format right first, then use interview practice to rehearse answers for the specific role you've applied for.
Frequently asked questions
How much does an investment banking analyst make in New York?
JPMorgan's 2026 New York analyst postings list a base salary of $110,000, and Mergers & Inquisitions puts analyst base pay across large banks at $100,000–$125,000. Including the year-end bonus, M&I estimates total pay of $165,000–$225,000. Top-ranked first-year analysts were paid about $180,000–$195,000 at bulge brackets and elite boutiques alike.
How much does an investment banking analyst make in London?
Banks don't publish London analyst pay, so every figure is an estimate. Mergers & Inquisitions' 2026 report estimates base salaries progressing from £70,000 to £90,000 and total pay of £100,000–£150,000, about 15–30% below New York. Ask analysts at the bank you're talking to for a more reliable picture.
When are investment banking bonuses paid?
Most analysts start in the middle of the calendar year after graduating, and Mergers & Inquisitions bases its analyst figures on mid-year payouts, with the year-end bonus earned after your first full year. Senior bankers' bonuses are paid earlier in the year: eFinancialCareers reported in February 2026 that most US banks had already paid them.
Are investment banking analyst bonuses paid in cash?
Yes. Mergers & Inquisitions says analyst bonuses are paid 100% in cash. Deferral starts at associate level, where 20–30% of the bonus may be deferred or paid in stock, rising to 30–50% for managing directors. Some elite boutiques pay associate bonuses fully in cash too.
Do elite boutiques pay analysts more than bulge-bracket banks?
Not by much at analyst level. Mergers & Inquisitions found Lazard, Evercore and Moelis paid top-ranked Year 1 analysts about the same as bulge brackets, in the $180,000–$195,000 range. The gap opens at associate level, where firms such as Perella Weinberg and Centerview pay $50,000 to $100,000 or more above typical ranges.